Solana, Chainlink Rise Amid Market Rally Driven by Optimism for September Rate Cut

U.S. Treasury Secretary Scott Bessent suggested a 50-basis-point rate cut in September due to weak job revisions and July inflation slightly above expectations. Lower rates aim to boost spending and investment, favoring higher-risk assets like crypto.

Qubic claimed to have gained control of Monero after a 51% attack, raising concerns about blockchain security vulnerabilities. Despite doubts from security experts, Qubic stated its intention to assist Monero in defending against future attacks.

Kazakhstan, a major bitcoin mining country, will host central Asia's first spot bitcoin exchange traded fund (BETF) on the Astana International Exchange (AIX) starting August 13. The fund, regulated by the Astana International Financial Centre (AIFC), offers direct Bitcoin holdings with custody by U.S.-regulated BitGo.

A recent SEC filing revealed that tech billionaire Peter Thiel and related entities acquired a 7.5% stake in 180 Life Sciences, now known as "ETHZilla," causing the company's stock to triple in value. Thiel's involvement in crypto extends to various ventures, including Ethereum-focused companies like BitMine.

Monero, the privacy coin, is down almost 25% in the last month due to a 51% attack by rival project Qubic, causing panic among XMR holders. The attack led to a heavy price increase for Qubic and a corresponding crash for Monero.

Over $1 billion flowed into Ethereum ETFs on Monday, setting a new record and pushing the asset's price above $4,500. The surge in investments is attributed to growing interest in stablecoins and the narrative around Ethereum's network.

Ethereum's price surged past $4,500, marking a 26% increase in the last week and over 50% in 30 days. The cryptocurrency's momentum is fueled by significant inflows to exchange-traded products and aggressive accumulation by treasury companies like SharpLink Gaming and BitMine Immersion Technologies.

Bitmine Immersion plans to raise $24.5 billion through a common stock sale, increasing its target by $20 billion to purchase more ETH. The company's move aligns with a trend of publicly traded firms accumulating Ethereum to boost their stock value.

In the second quarter, eToro's revenue from crypto trading accounted for 91% of its total revenue, slightly lower than the previous quarter. Despite a small net loss from crypto derivatives trading, digital asset trading remained the primary revenue driver for the company.